The report “Drilling and Completion Fluids Market by Application (Onshore and Offshore), Fluid System (Water-Based System, Oil-Based System, Synthetic-Based System), Well Type (Conventional and HPHT), and Region – Global Forecast to 2023”, the The global drilling & completion fluids market is projected to reach a market size of USD 12.76 Billion in 2023 from an estimated USD 9.62 Billion in 2018, at a CAGR of 5.82% during the forecast period. This growth can be primarily attributed to the increase in drilling activities for onshore and offshore, and rise in shale gas exploration.
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The key players in drilling and completion fluids market have undertaken merger and acquisition activities to expand their market share.
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The onshore segment is expected to hold the largest share of the drilling & completion fluids market, by application, during the forecast period
The onshore application segment led the drilling & completion fluids market in 2017 and is projected to dominate the market during the forecast period. As the majority of global oil and gas reserves are present onshore, it accounts for larger share of the total market. Drilling activities are on the rise in more challenging onshore regions, owing to an increase in the demand for oil & gas globally. The number of wells drilled onshore is drastically large than wells drilled offshore in 2017.
Water-based fluid system is expected to be the fastest-growing segment of the drilling & completion fluids market
The water-based fluid system is the largest segment of drilling and completion fluids market and is suitable for all applications including onshore and offshore. Water-based fluids are cost-effective and eco-friendly as compared to non-aqueous based fluids. Technological advancements have resulted in the use of water-based fluids in challenging high-pressure high-temperature conditions in deep and ultra-deepwater drilling activities. The discharge policies for water-based fluids are also not very stringent across the world due to the presence of less toxic chemicals. Thus, water-based fluid is the fastest growing segment due to cost effectiveness, less toxicity, and easy availability.
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Objectives of the Study –
• To define, describe, segment, and forecast the drilling and completion fluids market by fluid systems, well type, application, and region
• To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the drilling and completion fluids market with respect to individual growth trends, future expansions, and contribution to the market
• To forecast the expansion of the drilling and completion fluids market in the main regions (North America, Europe, the Middle East, Africa, Asia Pacific, and South America)
• To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
• To analyze competitive developments such as contracts & agreements, mergers & acquisitions, new product developments, and research and development (R&D) in the drilling and completion fluids market
North America: The leading market for drilling & completion fluids
The North America drilling and completion fluids market is driven by the increase in oilfield discoveries and drilling activities across the region. The rise in the exploration of shale gas, tight oil, and other unconventional resources has increased the demand for drilling and completion fluids. The presence of vast shale gas reserves in the North American region has resulted in improved offshore activities in this region. The offshore exploration activities in the Gulf of Mexico are on the rise, which has led the companies to expand within the region. North America is also at the forefront of forming policies and regulations for the prevention of the degradation of the environment.